From: Captive Intelligence
- Short-tail risk makes marine suitable for captive utilisation
- Captives owned by multinational firms most commonly writing marine
- Captives used more frequently as companies look towards greener fuel sources
There has been a growth in the number of captive owners looking a utilising their captives to write marine insurance with the availability of accurate data reducing the unpredictability of the risk.
There are several different types of marine insurance available on the market, with marine cargo being the most frequently purchased, covering the loss or damage of goods.
Marine war provides coverage against risks that arise from war, piracy, and other similar threats.
Hull and machinery insurance covers the ship and the machinery on board, while freight liability covers the liability of the ship owners and operators when moving the goods.
“Additionally, we have protection and indemnity (P&I) insurance, another form of liability coverage, which addresses third-party liabilities, including injury or loss of life, environmental pollution, and damage to other vessels or property,” Sarah Lindsey, marine underwriter at Zurich, told Captive Intelligence.
